Author Archives: enterpriseam admin

Headline PMI reaches eight-month high in July at 50.3: Business conditions in Egypt’s non-oil private sector improved last month, with the headline Emirates NBD PMI compiled by Markit (pdf) rising above the 50.0 mark that separates contraction from growth. The gauge rose to an eight-month high of 50.3 in July from 49.4 in June, thanks […]

EXCLUSIVE- Carry traders are back on. So is the Turkey crisis proving to be positive for Egypt? Egypt’s government is taking a very positive outlook on the Turkish economic fiasco which is currently wreaking havoc on emerging markets. Foreign investments in Egypt’s debt rose last week thanks largely to the Turkish crisis, Finance Minister Mohamed […]

Egypt’s first futures exchange could be launched before the end of the year, Financial Regulatory Authority (FRA) Vice Chairman Khaled El Nashar tells Al Mal. Trading at first will be limited to listed securities, El Nashar said, without elaborating. The FRA is also considering introducing regulations for licensing brokerage firms as market makers, which would […]

Gov’t selects firm to sign fuel hedging contract: The ministries of finance and oil have settled on the firm which will sign fuel hedging contracts with the government, a government source told Enterprise. The source refused to reveal the winner of a tender issued by the Oil Ministry to select an institution to provide Egypt […]

Changes to import/export regulations and industry coming? The Trade and Industry Ministry will look to amending Egypt’s import/export strategy “to serve the development of domestic manufacturing,” Minister Amr Nassar said at a presser on Monday, Amwal Al Ghad reports. The ministry is currently developing a new foreign trade strategy that seeks to maximize the value […]

LEGISLATION WATCH- We’ve heard this one before — gov’t to have automotive directive ready by the fall: The Trade and Industry Ministry is planning to have the automotive directive drafted and ready before the House of Representatives reconvenes for the fall legislative session in October, Nassar said at a presser on Monday, according to Amwal […]

IPO WATCH- Nabq Sinai plans to list and sell shares only to Egyptians: Nabq Sinai for Hotels is planning to float 30% of the company on the Egyptian Exchange before the end of the year,Chairman Hossam Attia tells Al Mal. The company, which expects to submit its fair value study to the Financial Regulatory Authority […]

EARNINGS WATCH- Arabia Investments & Development Holding (AIND) reported a net profit after tax of EGP 41.1 mn in 1H2018, compared to a net loss of EGP 21 mn in the same period last year, marking the largest half-year results in five years, according to the company’s earnings release (pdf).

Egypt seeks USD 2 bn in funding for education reform: The government is apparently holding talks with international development partners for USD 2 bn in new facilities to fund its drive to reform K-12 education in Egypt, according to World Bank documents seen by El Masdar. The documents appear to say that the EU, the […]

MOVES- El Sisi taps former Air Defense commander to head AOI: President Abdel Fattah El Sisi tapped yesterday Abdel Moniem El Toras as the new chairman of the Arab Organization for Industrialization (AOI), according to an Ittihadiya statement. El Toras, who succeeds Abdel Aziz Seifeldin, was previously commander of the Egyptian Air Defense Forces.